Russia, Saudi Arabia agree to stabilize oil market

Oil&Gas Materials 5 September 2016 15:12 (UTC +04:00)

Baku, Azerbaijan, Sept. 5

By Aygun Badalova - Trend:

Russia and Saudi Arabia at the G20 summit signed a joint statement in order to stabilize oil market, TASS reported September 5.

The statement was signed by Russia’s and Saudi Arabia’s energy ministers Aleksandr Novak and Khalid Al-Falih.

The statement said that oil suppliers currently face long-term challenges on the global oil market, including significant drop in capital expenditures in oil production worldwide, delay of investment projects.

The ministers highlighted the importance of constructive dialogue and close interaction between the major oil producers in order to maintain stability on oil market and contribute to stable investments in the long-term.

The ministers agreed to continue consultations on market situation and to set up joint monitoring working group, which will track fundamental indicators of the oil market and to develop recommendations on joint actions to ensure the stability and predictability of the market.